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Monday, March 15, 2010

Germany's Finance Minister: EMF Needs Expulsion Powers -Report

Dow Jones Newswires

BERLIN -(Dow Jones)- The euro zone needs stricter oversight and sanctions for policing its members, including the power to push a country out if its finances become too dire, Germany's finance minister said Monday.

"We need a (European Monetary Fund) because we need stricter rules," Finance Minister Wolfgang Schaeuble said in an interview with Germany's Bild newspaper published Monday. He added that those rules should include "more intensive oversight, stronger sanctions."

"We need... in the most extreme emergencies the possibility that a country that absolutely can't get its finances in order leaves the euro community," Schaeuble was quoted as saying.

Schaeuble said building such sanctions into a new EMF that could also provide aid to struggling countries, as he first proposed earlier this month, will take time and require the approval of all 27 European Union members.

Finance ministers from the 16 countries that share the euro zone are to meet in Brussels for a regular meeting Monday and Tuesday. Schaeuble said while Greece will be on the agenda, the bloc is unlikely to approve a definitive aid package to relieve the government's budget crisis and bolster the currency.

Newspaper Web site: http://www.bild.de

-Berlin Bureau, Dow Jones Newswires; 49-30-2888-410.

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